UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported) November 22, 2004

                              METRIS COMPANIES INC.
             (Exact name of registrant as specified in its charter)


         Delaware                  1-12351               41-1849591
(State or other jurisdiction     (Commission            (IRS Employer
       of incorporation)         File number)         Identification No.)


10900 Wayzata Boulevard, Minnetonka, Minnesota                55305
 (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code   (952) 525-5020

                                 Not Applicable
         (Former Name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


Item 8.01.  Other Events

On November 22, 2004, Metris Companies Inc. announced that it notified the
administrative agent of its $300 million senior secured credit agreement, under
which a term loan is due May 2007, that Metris intended to make an optional
prepayment of $50 million to the lenders. That press release is furnished as
Exhibit 99.1 to this report. Metris made the above-referenced payment of
$52,851,083, including principal, accrued interest and premium on November 23,
2004.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    METRIS COMPANIES INC.


Dated:  November 23, 2004           By:/s/David D.Wesselink
                                       David D. Wesselink
                                       Chairman and CEO



                                  EXHIBIT INDEX

Exhibit No.   Description

99.1          On November 22, 2004, Metris Companies Inc. announced that it
              notified the administrative agent of its $300 million
              senior secured credit agreement, under which a term loan is due
              May 2007, that Metris intended to make an optional prepayment of
              $50 million to the lenders.